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Aston Martin returns to F1 in 2021 after major takeover

Racing Point driver Lance Stroll at the Australian Formula One Grand Prix in Melbourne, on March 12, 2020. (Rick Rycroft / AP)

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SILVERSTONE, ENGLAND --
Aston Martin will return to Formula One next year following a takeover worth nearly US$1 billion.

The Racing Point team, which is owned by Lawrence Stroll, will be rebranded in 2021 after the Canadian billionaire completed a takeover of the British-based car manufacturer.

Racing Point said in a statement on Wednesday that the shareholders of Aston Martin Lagonda approved a fundraising of 536 million pounds ($664 million) on Monday, underpinned by an injection of 260 million pounds ($322 million) from investors led by Stroll.